8月22日,盈峰环境(股票代码:000967)正式发布2025年半年度业绩报告。报告显示,2025年上半年公司实现 销售回款额63.10亿元,同比增长19.63%,归母净利润3.82亿元,同比增长0.43%,营业总收入64.63亿元,同比 增长3.69%。智慧城服业务整体营收58.22亿元,同比增长7.65%,智能装备、智慧服务等核心业务领域多项 关键指标稳健增长,海外市场营收同比增长59.55%,智能高机营收同比增长132.3%,展现出强劲的发展态 势,持续引领环保行业高质量发展。 上半年,盈峰环境在湖南长沙成功举办"盈峰引领 智启未来"新能源环卫装备连续三年行业第一暨2025新 品发布会,"盈峰绿"全新涂装、智能清洁机器人系统、全系新品矩阵隆重发布。"盈峰绿"以自然与科 技、环保与安全交融的设计理念,赋予环卫装备生态美学新内涵;全球首款大规模集群协同作业的智慧网 联清洁机器人集群"峰群",实现作业效率300%的突破性提升,开创"无人环卫"效能新标尺;全场景新能源装 备矩阵首发覆盖清扫保洁、垃圾收运、高空作业全领域的旗舰产品,能耗较传统产品平均降低16%。盈 峰环境智能环保装备凭借先进的技术和卓越的性能,深 ...

公司25H1加大对线上流量和研发费用的投入，经营现金流大幅改善由负转正。在费用与研发投入方 面，公司25H1销售费用率为48.94%，同比提升2.1个百分点，主要由于线上流量成本增加及各大销售平 台销售费率提升，但公司称会努力通过精细化管理和优化销售渠道结构来控制费用。公司25H1管理费 用率为5.22%，同比提升0.53个百分点，主要原因是RV品牌团队并入及全球化战略下组织建设投入增 加。公司25H1研发费用率为1.75%，同比提升0.36个百分点；公司持续加大研发投入，特别是在全球研 发团队建设方面，25H1公司扩大了巴黎和东京实验室的研发人员招聘，推进全球科学家交流计划，加 速研发人员培养。研发费用投入占比在自有品牌营业收入中达到4.2%。经营性现金流方面，公司25H1 经营性现金流大幅增长369.0%至1.66亿元，主要得益于公司在精细化管理方面的成效，包括合理制定采 购计划、优化库存管理，以及盈利能力的提升。公司表示将继续推进股权激励计划，下半年费用投放保 持平稳，注重精细化管理。 公司自主品牌初步完成了高端化、全球化的转型升级。法国高奢护肤品牌伊菲丹EDB产品优化升级，线 上线下渠道同时布局。在线 ...

2025年7月29日，中国长安汽车集团有限公司在重庆挂牌成立，整合了长安汽车、辰致集团等117家分子公司，股权结构上，中国长安汽车集团合计持有长安汽车 35.04%股份，成为其间接控股股东，实际控制人仍为国资委，新集团成立有助于深化资源整合、强化产业链协同，提升长安汽车的治理效率和国际化运作水平，助力 新能源车快速发展。 03 投资建议 01 事件概述 公司发布2025年半年报：2025H1公司营业收入726.9亿元，同比-5.3%；归母净利润22.9亿元，同比-19.1%；扣非归母净利14.8亿元，同比+26.3%。2025Q2营业收入385.3亿 元，同比-2.9%，环比+12.8%；归母净利润9.4亿元，同比-43.9%，环比-30.6%；扣非归母净利6.9亿元，同比-34.4%，环比-11.5%。 02 分析判断 ► 营收、 ASP 环比增长 毛利环比提升 收入端：自主销量提升促进营收。 2025Q2公司自主乘用车销量39.2万辆（中汽协口径），同比+3.5%，环比-10.8%；新能源销量25.8万辆，同比+51.3%，环比+32.6%，公司 总营收为385.3亿元，同比-2.9%，环比+12.8%， ...

摘要 吉利汽车 2025 年上半年销量达 141 万辆，二季度经营性利润约 31 亿 人民币，上半年累计约 66 亿人民币，符合市场预期。 吉利汽车上调全年销量预期至 300 万辆，预计全年经营性利润可达 140 亿人民币，主要受益于下半年新车型发布及高端化产品放量。 吉利燃油车在萎缩市场中逆势增长，出口预计达 45 万辆，俄罗斯市场 占比约 20%，受益于购置税政策，预计未来保持增长。 银河系列产品表现良好，银河 M9 订单超预期，心愿车型销量稳定，星 耀 8 以 A 级价格定位 B 级插混车型，月销破万。 吉利发布多款高端 SUV，包括银河 M9、领克 900 和极氪 9X，分别定 位于不同价格带，明确大六座 SUV 市场策略。 吉利整合极氪和领克，通过流程、采购、研发融合控本降费，极氪一季 度扭亏为盈，计划 9 月将极氪并入上市公司主体。 极氪品牌 001 和 007 销量稳定，9X 预计 8 月底预售，全年预计销量接 近 30 万辆；领克品牌将推出 EMP 中大型轿车领克 10 及纯电产品 Z10 和 Z20。 吉利汽车 20250824 Q&A 吉利汽车在当前行业变革期的表现如何？ 吉利汽车在当前行 ...

乘用车 25Q2 业绩亮眼 自主高端化提速 2025 年 08 月 24 日 ➢ 周度数据：2025 年 8 月第 3 周（8.11-8.17）乘用车销量 43.7 万辆，同比 +8.2%，环比+14.2%；新能源乘用车销量 24.8 万辆，同比+15.1%，环比+13.0%； 新能源渗透率 56.7%，环比-0.6pct。 ➢ 本周行情：汽车板块本周表现强于市场。本周（8 月 18 日-8 月 22 日）A 股 汽车板块上涨 7.2%，在申万子行业中排名第 6 位，表现强于沪深 300（4.8%）。 细分板块中，商用载货车、汽车零部件、乘用车、摩托车及其他、汽车服务、商 用载客车分别上涨 8.7%、7.7%、6.9%、6.1%、3.7%、3.1%。 ➢ 本周观点：本月建议关注核心组合【吉利汽车、小鹏汽车、理想汽车、比亚 迪、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 乘用车企业 25Q2 业绩表现亮眼 自主高端化催化密集。本周，新势力整车 催化密集，小米、小鹏、零跑发布 25Q2 业绩，小米汽车业务毛利率从 Q1 的 23.2%提升至 26.4%，经营亏损从 5 亿元收窄至 3 亿元， ...

Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

Core Viewpoint - Sany Heavy Industry reported strong revenue and profit growth in the first half of 2025, driven by both domestic and international markets, leading to a "buy" rating from analysts [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 44.53 billion yuan, a year-on-year increase of 14.96%, and a net profit attributable to shareholders of 5.22 billion yuan, up 46% year-on-year [2]. - The gross margin for the engineering machinery industry was 27.57%, an increase of 0.81 percentage points year-on-year, benefiting from product price increases and cost reductions [2]. - The net profit margin for H1 2025 was 11.65%, up 2.5 percentage points year-on-year [2]. Domestic and International Revenue - Domestic revenue reached 17.35 billion yuan, a year-on-year increase of 21.4%, while international revenue was 26.30 billion yuan, up 11.7%, with international revenue accounting for approximately 60.3% of total revenue [2]. - The gross margins for domestic and international markets were 22.1% and 31.2%, respectively, with year-on-year increases of 0.90 and 1.04 percentage points [2]. Product Performance - Revenue from excavators was 17.5 billion yuan, a year-on-year increase of 15%, while concrete machinery, cranes, pile machinery, and road machinery reported revenues of 7.44 billion yuan, 7.80 billion yuan, 1.34 billion yuan, and 2.16 billion yuan, respectively [3]. - The company launched over 30 new energy products in H1 2025, achieving full coverage and continuing research and testing of unmanned products [3]. Cost Management and Cash Flow - The company demonstrated effective cost management with sales, management, R&D, and financial expense ratios of 6.54%, 2.81%, 4.83%, and -1.91%, respectively [3]. - Operating cash flow for H1 2025 was 10.134 billion yuan, a year-on-year increase of 20.11%, with a debt-to-asset ratio of 51.4%, down 3.72 percentage points year-on-year [3]. Future Outlook - The company is expected to benefit from a recovery in the domestic industry and strong overseas demand, with projected net profits of 8.745 billion yuan, 11.015 billion yuan, and 13.518 billion yuan for 2025, 2026, and 2027, respectively [4]. - The company maintains a strong market position in excavators and continues to deepen its strategies in globalization, digitalization, and low-carbon initiatives [4].

1.玉渊谭天：对于互联网平台竞争，不是叫停而是规范 央视旗下新媒体玉渊谭天8月23日发文称，三部门联合发布了一份事关互联网平台的文件——《互联网平台 价格行为规则（征求意见稿）》。据了解，文件从起草到如今的公开征求意见稿，中间经历了两年多的时 间，期间多次征求相关平台意见，并不是针对"外卖大战"推出的文件。事实上，文件也没有任何叫停补贴的 表述，只有要求平台公示补贴促销活动规则、不得虚假宣传和夸大补贴金额的相关表述。 2.幸运咖海外首店落地马来西亚 8月21日，蜜雪集团旗下现磨咖啡品牌幸运咖海外首店在马来西亚正式开业，标志着其全球化正式开启，数 据显示开业当天该店售出近2000杯产品。作为蜜雪集团的第二增长曲线，今年以来幸运咖在国内市场进入 快速发展期。截至7月，幸运咖国内签约门店已突破7000家。下一步幸运咖将继续不断打磨海外门店模型， 深耕东南亚市场。 点评：蜜雪冰城攻城略地。 3.据悉可口可乐可能考虑出售旗下英国咖啡连锁品牌Costa Coffee Costa Coffee 是可口可乐旗下的全资品牌。 2019 年 1 月，可口可乐公司以 39 亿美元从 Whitbread 手中收购 了 Costa C ...

该文叫做"How to Make Trade Work for Workers"（如何让贸易有利于美国劳动者），这篇文章发表于2020年6月，发布在《外交事务》杂志上， 在网上也有。 美国精英层有一篇文章，我一直觉得很经典，揭示了美国精英层对贸易战的想法的思想根源。 The Case for the Trump Administration's Approach to Trade 这篇文章的内容我觉得非常有启发性，作者是著名的罗伯特·莱特希泽。 国内的人应该对他的名字不陌生，他是特朗普第一任期2017年5月～2021年1月期间的贸易代表（美国贸易代表办公室（USTR）代表），主导和 中国打贸易战，所以当时在中国的新闻中也经常能看到他的名字。 而且他还在美国罗纳德·里根（Ronald Reagan）政府（1983年4月～1985年8月）时期担任美国副贸易代表。 他在里根政府任职期间，处理了二十多项贸易协议，并因和日本在钢铁和汽车业的贸易战而成名，此战使得日本自愿限制对美国出口，汽车企 业被迫在美国设厂，从而创造了大量的就业机会。 《洛杉矶时报》的一篇报道说： then a top negotiator unde ...

Core Viewpoint - *ST Yuanshang reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 189 million yuan, a year-on-year increase of 15.12% compared to 164 million yuan in 2024 [1]. - The net profit attributable to shareholders was -27.30 million yuan, a decrease of 52.75% from -17.88 million yuan in the previous year [1]. - The gross margin fell to 8.58%, down 52.15% from 17.93% in 2024, while the net margin was -16.57%, a decline of 53.72% from -10.78% [1]. - Total expenses (selling, administrative, and financial) amounted to 42.08 million yuan, accounting for 22.3% of revenue, a slight decrease of 4.25% year-on-year [1]. Cash Flow and Assets - Cash flow from operating activities showed a significant decline of 58.55%, with a net cash flow of 0.36 yuan per share compared to 0.86 yuan in the previous year [1][3]. - The company’s monetary funds decreased by 21.13% to 116 million yuan, while accounts receivable increased by 62.98% to 93.23 million yuan [1][3]. - Interest-bearing liabilities surged by 187.85% to 105 million yuan, indicating increased reliance on bank loans [1][3]. Industry Context - The automotive logistics industry is undergoing a transformation driven by technological changes and policy initiatives, with a focus on cost reduction and efficiency improvements [6][7]. - The overall logistics industry in 2024 showed signs of recovery, with a decrease in the ratio of social logistics costs to GDP, reaching a record low since 2006 [6]. - The market for fuel vehicles is experiencing a structural adjustment, with a 14% year-on-year decline in retail sales, reflecting a shift towards new energy vehicles [6]. Future Outlook - The company aims to stabilize its traditional automotive parts logistics while expanding into new business areas to enhance profitability [7]. - The management highlighted the importance of adapting to industry changes and leveraging existing logistics experience to explore new opportunities [7].